Hawker Beechcraft Grows its Exports by Selling Business Jets to Saudi Arabia with Ex-Im Bank Support
WASHINGTON, D.C. - Hawker Beechcraft Corporation of Wichita, Kan., is selling six Hawker 750 corporate jet aircraft to National Private Air Transport Services Company (NAS) Limited, Riyadh, Saudi Arabia, backed by a $60.5 million loan, guaranteed by the Export Import Bank of the United States (Ex-Im Bank).
The New York branch of Arab Banking Corporation (B.S.C.) is the guaranteed lender on the transaction. NAS, a private operator of business jets, will use the Hawker 750 aircraft as part of its core fleet in its fractional ownership business and leasing operations. The 750 is equipped with Honeywell TFE 731 engines manufactured by Honeywell of Phoenix, Ariz. The UK export credit agency ECGD is providing Ex-Im Bank a counter-guarantee covering the cost of the British components integrated into the aircraft.
The global market is very important to our business, said Bill Boisture, Hawker Beechcraft chairman and CEO. The continued support of Ex-Im Bank is essential to the success of U.S.-based companies like Hawker Beechcraft. Despite a tough economy, the work of Ex-Im Bank enables us to keep more jobs in place at our company.
We're seeing airlines and operating lessors that hadn't used Ex-Im Bank for a while — or ever — turning to us now due to the decline in liquidity, said Bob Morin, Ex-Im Bank vice president, Transportation. It is more important than ever for Ex-Im Bank to support the American aircraft manufacturing industry and U.S. jobs. Morin said he expects Ex-Im Bank to finance a record $7-9 billion in U.S. aircraft exports this year, compared with $5.5 billion last year.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps to create and maintain U.S. jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans. In fiscal year 2008, Ex-Im Bank authorized a total of $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. For more information, visit www.exim.gov.